How To Apply For A Personal Loan Online This Wedding Season
How To Apply For A Personal Loan Online This Wedding Season
According to a recent study by a media house, the Indian wedding
industry is set to grow at a rate of 20-25% annually over the next few years.
And with the industry considered recession-proof, these figure sare likely to
hold true even in times of economic hardship.
With the average Indian couple spending Rs.20 lakh or more on
their big day, it perhaps comes as no surprise that wedding loans are also
gaining popularity. Wedding loans or personal loans for weddings reinforce your
savings and give your finances the boost required to tackle the myriad expenses
that accompany a wedding.
By giving you easy access to ample funds, they allow you to focus
on the finer details of your big day rather than stress about depleting your
savings. For instance, loans like the Bajaj Finserv Personal Loan for Wedding
equip you with Rs.25 lakh so that you can plan the wedding of your dreams
without compromising.
To benefit from this solution, it’s important to know how to apply
for it online. Here a few pointers that you can follow to do so with ease.
Check your credit score
As personal loans are collateral-free offerings, lenders heavily
rely on your CIBIL score. Therefore, the higher your credit score, the better
are your chances of getting approval. So, before you apply for a personal loan
for weddings, it’s best to check your CIBIL score and improve upon it if need
be. Lenders usually require you to have a score of over 750 for a quick
approval. Also, this score gives you the ability to get access to the quantum
of financing that you desire.
Know the eligibility criteria and documents required
While choosing a lender for a marriage loan, apart from comparing
personal loan rates offered, analyse the eligibility criteria and documentation
requirements. This way you’ll identify options that are easier to access and
save time when procuring funds. You’ll be able to focus on timely wedding
preparations, instead of worrying about securing finances.
One such option is the Bajaj Finserv Personal Loan for Wedding as
the eligibility criteria here are simple. So long as you’re between the ages of
23 and 55 years, reside in India and meet the minimum salary requirement, you
can qualify for the loan. Additionally, you’ re only required to produce basic
documents like bank statements, salary slips and address proof to substantiate
your eligibility.
Calculate the EMI amount and determine the tenor A grand wedding
has multiple expenditures and while marriage loans can help you finance it, the
onus of sound planning with regards to borrowing and repayment falls on you.
Failing to do so may cause you to over- or under-borrow and can lead to
difficulties when it’s time to pay EMIs. Therefore, before applying for a loan,
use a personal loan calculator. Once you enter the total loan amount, the tenor
of the loan and the personal loan rates into the personal loan calculator, it
automatically calculates your EMI. Take a look at this information and
ascertain whether the EMIs fit with your repayment capabilities. If they seem
too high, consider lowering the principal or extending your tenor. Bajaj
Finserv allows you to repay over 60 months for added ease.
What’s more, should you opt for the Flexi Loan facility, not only
can you borrow on the go, as per your requirements, you can also simplify
repayment? You pay interest only on what you use from the sanction instead of
the total loan amount, and you can also pay interest-only EMIs for an initial
part of the tenor. This helps reduce your instalments by up to 45%.
Apply for a marriage loan online with ease
Once you know the loan amount you require, you can easily apply
for a wedding loan online. To understand the process, consider the four steps
you need to follow to apply for the Bajaj Finserv Personal Loan for Wedding.
- Enter your personal, employment and financial details into the application form
- Select the appropriate loan amount and repayment tenor
- Submit the necessary documents to the Bajaj Finserv representative
- Await loan approval and disbursal
Bajaj Finserv understands how time-sensitive wedding preparations
are, whether it’s paying advances to caterers and wedding planners or
purchasing designer outfits and jewellery. So, to assuage your concerns Bajaj
Finserv promises instant approval in 5 minutes, and quick disbursal within 24
hours. To further expedite matters you can check your pre-approved offer. It
offers instant financing through a customized deal so that you can plan the
most memorable day of your life without any hassles.
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